Marketing No Comments

Brexit is wrecking Britain’s business reputation – Siemens UK head

Britain is wrecking its reputation for business stability with political divisions over Brexit and risks leaving the trading bloc with a hugely damaging “no-deal”, the UK head of German industrial giant Siemens has said.

After Prime Minister Theresa May’s Brexit deal was rejected by parliament for a third time last week there is pressure from rival factions for a no-deal exit, a much softer divorce or an election.

“Where the UK used to be beacon for stability, we are now becoming a laughing stock,” Juergen Maier said in open letter to lawmakers published by website Politico.

“It has been clear for weeks, that the only way that this will be resolved is through compromise between the government and parliament,” Maier said, calling for a softer Brexit.

Maier said it was becoming hard for him to win support from his board for investment decisions as Britain heads towards a “hugely damaging no-deal Brexit.”

“Enough is enough. We are all running out of patience. Make a decision and unite around a customs union compromise that delivers economic security and stability,” he said.

In year to September 2018, Siemens UK generated revenue of 5 billion pounds, the company’s website said. At the end of September 2018, the company had 15,000 employees in Britain.

Reporting by Elisabeth O’Leary. Editing by Jane Merriman

Source: UK Reuters